{
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  "documentTitle": "Terran Orbital | SPAC Presentation Deck | 40 slides",
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  "authorName": "Terran Orbital",
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  "presentationDate": "2021-10-01 00:00:00",
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  "notes": "The slide uses a waterfall-style bridge to illustrate valuation discount.",
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      "text": "Relative Value and Pro Forma Enterprise Value bridge",
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      "text": "Source: Company management. Note: This slide includes the Non-GAAP financial measure Adjusted EBITDA. See the appendix for reconciliations of Non-GAAP financial measures for historical periods to the most comparable U.S. GAAP financial measures.",
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      "text": "Applies a range of industry comparable multiples to Terran's 2025P management forecasted Adjusted EBITDA to arrive at an implied future Enterprise Value. The future Enterprise Value is discounted 4 years at 20% to arrive at an implied discounted Enterprise Value. The applied range of multiples is centered around a normalized forward multiple of 11.0x based on Terran's peer group, with sensitivity built on both high and low ends.",
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      "text": "2025P Management Adjusted EBITDA: $933 million",
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      "text": "Transaction Priced at a Discount to Peer Multiples",
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      "evidence": "The loop is supported by various slides highlighting Terran Orbital's momentum and growth potential.",
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      "structure": "The Context (Trends) -> The Trigger Event -> The Window of Opportunity",
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